Don’t fight the tape

A very old Wall Street expression and one of the most valid is "don’t fight the tape". Although I have been solidly bearish in recent weeks I now think that the market is poised for a ride on the upside.  During the past week the market had lots of reasons to sell-off big time but for the most part, stocks held up well and the averages finished the week on the upside.  I have pointed out that stocks are on average are modestly valued and some bargains were available.  The shopping started last week and will likely resume with renewed vigor this week. 

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